On 22 November 2018, Saint & Co hosted an inheritance tax planning event entitled “Don’t let the taxman take your family’s inheritance!” in conjunction with Quilter Private Client Advisors, Old Mutual Wealth and Quilter Cheviot.
50 guests joined us at The Halston Hotel in Carlisle for an informal afternoon to enjoy a buffet and wine tasting, and to learn how to reduce the amount of tax payable in short presentations by speakers from Saint & Co, Quilter Cheviot and Old Mutual Wealth.
Feedback from the event has been fantastic ranging from “informative” to “very good” and “fun” (the wine tasting!).
Our three speakers looked at inheritance tax planning from a different perspective and outlined different, simple steps that can be taken to either totally eliminate, or at the very least reduce the amount of inheritance tax payable on your estate – all very thought provoking if you haven’t planned your tax affairs in the event of your death.
First to speak was Pauline Jackson, Saint & Co’s Tax Partner who briefly touched on various inheritance tax basics. Using a case study of a husband and wife’s assets, Pauline explained what reliefs would be available and outlined some planning opportunities which included: writing life assurance policies under trust, gifting assets during lifetime, looking at the ownership of business properties, diverting assets on a first death, using a lifetime family trust, gifting surplus income during lifetime.
Ash Kapasi, Offshore Specialist with Old Mutual Wealth, then touched on trust solutions such as gift trusts, discounted gift trusts and loan trusts and how these can be used in inheritance tax planning.
Gillian Bailey, Investment Director with Quilter Cheviot then explained how investing in the Alternative Investment Market (AIM) could be used to mitigate inheritance tax.
Pauline rounded off the presentations with a brief explanation of the residence nil rate band and what complications can arise with this.
Inheritance tax is a very complex and sometimes sobering topic so the evening concluded with wine tasting and a very light hearted and fun wine quiz, delivered by Paul Bolt from Quilter Cheviot.
If you couldn’t make this inheritance tax event, we are planning another in 2019 – watch out for the details!
In the meantime, if you would like to know more about inheritance tax, how to calculate the value of your estate and what planning opportunities are available please contact us.